Despite the growing demand for bicycles due to the pandemic cabin fever, a local bicycle shop closed and subsequently file bankruptcy.
Foundation Cycles, which opened at 2140 S. Delaware St. at the base of Evans Station Lofts in 2019, file bankruptcy Chapter 7 last September 7.
Chapter 7 bankruptcies are typically a liquidation process, where a trustee is appointed to oversee a sale of the debtor’s assets.
The store said it owed 17 creditors $ 281,139, some of whom have secured claims, according to the documents filed. She owns assets worth $ 42,164.
Owner Christopher Clark signed the documents on behalf of the company. He did not respond to a request for comment.
In its filing, Foundation Cycles said it had revenue of $ 1.68 million in 2019 and $ 1.47 million in 2020. As of the September 7 filing date, revenue from the company in 2021 was $ 20,577.